It's hard to forget that five years ago in September 2008, the country fell into the sinkhole that became the great recession. Almost overnight, billions in personal wealth vanished, jobs dried up, many people lost their homes.
Five years later, are we on the road to recovery? A better question might be: How can we build our own financial recovery?
Recently, a financial writer named Harold Pollard said the best advice he had would fit on an index card. We posted their card and the advice on our website, wtvm.com. But here are the highlights he suggests:
*Maximize your 401k savings.
*Invest in low cost mutual funds.
*Save 20% of your money.
*Pay your credit card balance every month.
One thing that must be clear to everyone after the past five years of a lackluster recovery is: we can't just print money, but we can take our destiny in our own hands.
Saving 20 percent of your earnings is smart - it will give you peace of mind. Paying off your credit card balance - or at least paying more than the minimum - will save you a lot of money.
We can get ahead by living within our means. If we don't buy things we really don't need…that money will be there for us when we are in need.
Five years ago, the recession tripped us up. But now, five years later, we can control our own personal recovery by practicing basic, common sense money management skills. They work.
WTVM Editorial Committee
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